Business groups slam proposed tax increases - Denver Business Journal:

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The said it opposes changes to the corporateminimum tax, a new corporatr income tax and a new personal incomw tax. The alliance consists of 30 business group s that represent morethan 25,00 0 Oregon businesses and employ 500,000 residents. Raising the taxes could causs the state tolose 6,000 jobs, according to statwe revenue office estimates. “These proposals ignore the stark realities of ourcurrengt recession,” the group said in a news release sent by J.L. a lobbyist with Associateds Oregon Industries. “They are counterproductive measures that kill jobs and prolonour recession.
” The corporatd minimum tax and corporate incomre tax proposals would collectively harm companies with smallk profit margins as well as businesses looking to invesr more in capital equipment, the group The alliance called on lawmakers to instead focus on private-sector job retention and “We believe strongly that increased taxesa are detrimental to job Wilson said in the news release. “Amn increased tax burden will hurt the ability of our memberes to create desperatelyneeded jobs. It is the wrongv approach to balancethe state’s budget.
” Othee groups signing the letter include Associatecd Oregon Loggers, Independent Communit y Banks of Oregon, the Northwestg Food Processors Association, Oregon Association of the Oregon Automobile Dealers Association, the Orego n Bankers Association, the Oregon Home Builder Association, the Oregon Restaurant Association and the Orego n Trucking Association. Oregon’s House and Senate members hope to adjournn byJuly 1. Lawmakers must addresa a $4.2 billion budget shortfall before they adjourn or in a seried of special sessions throughout the rest ofthe year.